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Pennymac Financial Services files for IPO of up to $287 million
(Reuters) - Residential mortgage loan provider Pennymac Financial Services, led by former Countrywide Financial Corp president Stanford Kurland, filed with U.S. regulators to raise up to $287.5 million in an initial public offering of its common stock.
In a preliminary prospectus filed with the U.S. Securities and Exchange Commission, Pennymac listed Citigroup, Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs & Co as the lead underwriters to the IPO.
The filing did not reveal how many shares the company planned to sell or their expected price.
The company, which intends to list its common stock on the New York Stock Exchange, is backed by BlackRock Mortgage Ventures LLC and HC Partners LLC.
The U.S. housing market, which was badly hit by the financial crisis of 2008, has been showing signs of recovery amid rising rents, record low mortgage rates and higher selling prices.
This has prompted many small homebuilders to tap the stock market to seize on a housing supply crunch. Tri Pointe Homes (TPH.N), based in regions among those worst hit by a housing market slump, became the first U.S. homebuilder to go public in about 10 years.
Taylor Morrison Home Corp filed with U.S. regulators in December to raise up to $250 million in an IPO.
The revival in the housing market is expected to shore up the fortunes of residential mortgage providers such as Pennymac.
Pennymac reported profit of $2.9 million on revenue of $34.3 million for the nine months ended September 2012.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Supriya Kurane)
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